Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1887-09-05
THE STOCK MARKET
FEELS THE EFFECTOP THE B. & o DEAL
IMPROVED CONDITION.
Interviews With Prominent Rnancisrs-The Penn
sylyania Road Not a Partner in the Syndicate.
Ives Gives Some 0pniOns-Ba-
timore Sentiment.

New YORK, September 4.-The won
derful improvement in the stock market
divided the talk of the short session to.
day with eopjectures as to the future Of
the Baltimore < Ohio and several of its
dependencies. J. Pierrepont Morgan, Of
Drexel, Morgan & Co, said this afternoon;
Harmonious relations among all the
roads seem now to be secured, and most
advantageous results will appear. 1t has
not been decided how the Baltimore &
Ohio shall reach New York. Matters like
this are to be arranged later. There is
now no financial necessity for selling the
telegraph system, but it may, perhaps, be
disposed of at . future time. l do not
know that Mr.. Garrett has sold OF will sell
his stock"
John e. Brown, of Brown Bros. & Co.
which firm is q member of the bankers
syndicate, said:
The Pennsylvania Railroad, it should
be understood, is not a party to the con,
tract. The syndicate has no power to sell
the telegraph lines, sleeping car privileges,
or any portion Of the property. All OF
these belong to the Baltimore and Ohio
Railroad Company, which, in its corporate
capacity, could dispose OF them. OF course,
the syndicate reserves the right to put the
.,,,,,apnapf IN anp,nafanf hnnHu Thn
purpose of the syndicate is simply to make
the Baltimore and Ohio a prosperous con
Germ. | understand that Mr.. Garrett is
tired OF railroading and wants to retire.
George C. Magoun, of Kidder, Peabody
< Co, said:
The prices at which the bonds and
stock will be offered has not yet been lie,
cided. Americans will have a chance to
buy some of them. Who will assume the
management of the property has not been
determined. The sale Ofthe telegraph sys,
tenn or the sleeping car privileges and
plant is q subject for further cOnsidera'
ton"
Henry s. Ives, to whom
GARRETT AGREED To E
the Baltimore and Ohio, said: 81 don't
believe Mr.. Garrett is going to retire. The
property remains the same as it was before,
The company is simply given financial
aid under certain conditions.
''You are familiar with the property,
What is the size of the floating debit"
81 had understood it was 50, 600, 900, and
| don't believe it is much over that sum-
"How was it rolled up"
by poor management
What was CARROTS greatest miStake?'
''In letting the Philadelphia, Whining
ton and Baltimore slip ont of the Balti'
more and Ohio into the control Of the
Pennsylvania
Was it a bad move on the part Of
Garrett to build a parallel line from Bal
timore to Philadelphia"
''Yes, il he wa not able to get to New
York
VAST a poor move TO secure the Staten
| Island terminals"
mo, sir; they are valuable"
"How much will the new securities be
worth"
The present preferred stock is worth
about 100 and the new bonds ought to
bringpa par less the commission
els the Telegraph system covered by a
mortgage so as to prevent its sale?'
That is a subject for investigation. II
it were, it would make no difference. The
wires could be leased to Mr.. Gould in per,
petuity or foe a long term, with an agree
ment to sell after the expiration, and pay
ment Of the mortgage"